Manchester city center will have 100,000 more residents by 2025

Supply of ready-built factories and warehouses in southern Vietnam will increase by 28 per cent this year to 2.7 million square meters.As more companies arrive from China after the pandemic, supply will rise by 25 per cent to two million square meters in the north, real estate consultancy CBRE reported.

More than 19,000 additional people live in Manchester’s two most central wards today compared with 2004. The city center as a whole was forecast to be home to 65,200 residents by mid-2019, which is an increase of 5,000 in the past 12 months. There was even a 117% spike in people moving to Manchester in July this year compared to 2018.

This north-western city has also retained its top spot as the UK’s most liveable city, an accolade the city has held each year since the Global Liveability Survey by the Economist Intelligence Unit began in 2011. This highlights the continued demand and appeal to live and work in Manchester.

By 2025, Manchester’s population is forecast to surpass 635,000 as an additional 100,000 people are predicted to be living in the city center. Additionally, more students are choosing to remain in the city following graduation at Manchester’s multiple universities. This growth is expected to further fuel demand in the rental market.

Both employment and population are growing more rapidly in Manchester than the average rate for England. There has been a large rise in the number of businesses opening and moving to the city. Increased job creation and a growing economy is attracting large scale development to Manchester, making it an exciting time to invest in this city.

Employment growth in construction is projected to lead the way with the biggest increase in the number of jobs at 50.6% and the highest growth value added at 49.9%. This is likely driven by some of the major developments across the city, including Piccadilly, Mayfield, Great Jackson Street, and St John’s. The other sectors expanding the fastest include business and finance, cultural, creative, and digital and retail.

Demand for additional residential housing is forecast to increase significantly as the city’s population and employment opportunities continue to grow. Property investment in Manchester, especially in the city center, will continue to be a lucrative opportunity for buy-to-let investors in the coming years.

Source: Buy Association

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